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Orascom Investment Holding's loss shrinks 81% in 9M

Orascom Investment Holding's loss shrinks 81% in 9M
Revenues fell to EGP 729.28 million in the January-September period
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01

Cairo – Mubasher: Orascom Investment Holding (OIH) incurred consolidated net losses of EGP 17.89 million in the first nine months of 2020, down by 80.6% year-on-year (YoY) from EGP 92.4 million, including minority shareholders’ rights.

The company’s revenues fell to EGP 729.28 million in the January-September period from EGP 788.65 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

As for the third quarter (Q3) of 2020, OIH turned to net losses of EGP 19.6 million, versus net profits of EGP 61.15 million in Q3-19.

In addition, the standalone financial statements for the first nine months of the year showed net profits of EGP 47 million, against net losses of EGP 295.19 million in the year-ago period.

During the first half (H1) of 2020, Orascom Investment Holding achieved net profits of EGP 1.714 million, compared to net losses of EGP 153.46 million in H1-19, including minority shareholders’ rights.